U.S. economy grew faster in third quarter

NEW YORK (CNNMoney)

Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 3.1% from July to September, the Commerce Department said Thursday, much faster than the 1.3% rate in the second quarter.

The Commerce Department estimates the quarterly GDP figures three times, and Thursday's number is the third and final estimate. It had originally reported the economy grew only 2% in the third quarter.

Consumer spending, which typically accounts for more than two-thirds of the U.S. economy, was the single largest driver of economic growth in the quarter. Consumer spending rose at a 1.6% annual rate in the third quarter, as U.S. households bought more motor vehicles and health care services.

As home sales picked up, that too contributed to economic growth in the third quarter.

Meanwhile, business spending curbed economic growth, contracting at a 1.8% annual rate in the quarter. Businesses cut back on spending on equipment and software in particular.

First Published: December 20, 2012: 9:00 AM ET

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